Saudi Arabia’s state oil giant, Aramco, said Sunday that its net income slid to $49 billion in 2020 amid the COVID-19 pandemic.

“Aramco achieved a net income of $49 billion in 2020,” Saudi Aramco said in a press release.

“The Company continues to assess its capital expenditure and efficiency programs, and expects capital expenditure for 2021 to be around $35 billion, significantly lower than the previous guidance of $40-$45 billion,” it added.

The net profit in 2019 was estimated at $88 billion.

Saudi Arabian Oil Co. released its annual financial results a year after the pandemic sent the price of oil crashing to all-time lows as people stopped moving around the world to stem the spread of the virus.

In recent weeks, however, the price has edged up as movement restrictions ease, commerce increases and more people get vaccinated against COVID-19. Still, analysts caution that a peak in demand may still be far off.

Source: Agencies